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MIDTERM MESSAGE: House GOP Seeks to Make Trump Tax Cuts PERMANENT

MIDTERM MESSAGE: House GOP Seeks to Make Trump Tax Cuts PERMANENT”

Voters give President Trump his lowest grade for honesty since he was elected, saying 60 - 32 percent that he is not honest. But as Trump's populist attacks against free trade have erupted into trade wars with China and US allies, trade tensions have overshadowed the tax cuts in economically vulnerable areas of the country that depend on exports.

With an eye toward November's midterm elections, House Republicans on Monday unveiled legislation to make permanent the individual tax cuts and pass-through business deductions that were set to expire in 2026 as part of the sweeping tax rewrite enacted late previous year.

Senate seats are up for election every six years and this year's map features Democrats defending states where Trump won, sometimes by large margins.

It would also let small businesses join forces in offering retirement savings plans.

In races for the U.S. House of Representatives nationwide, American voters back Democratic candidates over Republicans by 52 to 38 percent, the poll showed. Republicans have Trump to thank for that; his approval rating is at a meager 39 percent amongst participants. Democrats have said they benefit mainly the wealthy and corporations.

Midterm elections often serve as referendums on the incumbent president, which makes Trump's overall unpopularity a liability for Republicans. But the longer-term costs will run into the trillions - and that's on top of the $1.9 trillion cost of the 2017 tax law over the 10 years from 2018 through 2027 projected by the Congressional Budget Office.

The amount the tax cut 2.0 legislation would add to the deficit would likely outweigh any economic growth stemming from the cuts, according to Alan Viard, a resident scholar at the right-leaning think tank American Enterprise Institute. Some 57% preferred Republican control of Congress, while one-quarter wanted a Democratic-led Congress. They tout a report by the Tax Foundation that forecast the creation of 1.5 million jobs and wage increases if the temporary individual tax cuts are made permanent.

"He has repeated to folks that, if the Democrats impeach him, it would be a victory, politically, because it would be a complete overreach and he could exploit it and run against it in 2020", a source familiar with Trump's thinking on the upcoming midterms told Axios.



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